State of Tennessee Treasury Department cut its stake in ProAssurance Corporation (NYSE:PRA) by 16.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,538 shares of the insurance provider’s stock after selling 20,000 shares during the quarter. State of Tennessee Treasury Department owned 0.19% of ProAssurance Corporation worth $6,113,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PRA. BlackRock Inc. increased its stake in shares of ProAssurance Corporation by 23,830.8% in the 1st quarter. BlackRock Inc. now owns 5,194,417 shares of the insurance provider’s stock valued at $312,963,000 after acquiring an additional 5,172,711 shares during the last quarter. FMR LLC increased its stake in shares of ProAssurance Corporation by 17.7% in the 1st quarter. FMR LLC now owns 2,082,159 shares of the insurance provider’s stock valued at $125,450,000 after acquiring an additional 313,514 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of ProAssurance Corporation by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 5,000,763 shares of the insurance provider’s stock valued at $301,296,000 after acquiring an additional 258,955 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of ProAssurance Corporation by 151.8% in the 1st quarter. Epoch Investment Partners Inc. now owns 298,849 shares of the insurance provider’s stock valued at $18,005,000 after acquiring an additional 180,151 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of ProAssurance Corporation by 54.8% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 470,404 shares of the insurance provider’s stock valued at $28,600,000 after acquiring an additional 166,561 shares during the last quarter. 79.76% of the stock is owned by institutional investors.
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PRA has been the subject of a number of recent analyst reports. Zacks Investment Research raised ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Tuesday, May 30th. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods initiated coverage on ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 price target for the company. Finally, BidaskClub cut ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $63.33.
ProAssurance Corporation (NYSE PRA) opened at 53.25 on Monday. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 19.02 and a beta of 0.54. The company has a 50 day moving average price of $56.01 and a 200 day moving average price of $59.01.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. The business had revenue of $205.58 million during the quarter, compared to the consensus estimate of $207.14 million. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. Analysts anticipate that ProAssurance Corporation will post $2.14 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.24 dividend on an annualized basis and a yield of 2.33%. ProAssurance Corporation’s payout ratio is currently 44.60%.
In other news, insider Jeffrey Patton Lisenby sold 4,829 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $61.60, for a total transaction of $297,466.40. Following the completion of the sale, the insider now owns 50,836 shares in the company, valued at $3,131,497.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $60.11, for a total value of $189,647.05. Following the sale, the insider now owns 120,014 shares of the company’s stock, valued at approximately $7,214,041.54. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 7,000 shares of company stock valued at $383,125 and sold 28,000 shares valued at $1,703,438. Insiders own 1.80% of the company’s stock.
About ProAssurance Corporation
ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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